GVA closes a Corporate deal in Piscataway.

GVA Williams New Jersey has announced that Madison Capital closed on the sale of 15 Corporate Place South, an institutional-quality, 160,000 s/f office building located in Piscataway, N.J. The buyer of the class A office building was Executive Commercial Group. David J. Warren, of Resource Realty, and Larry Martin, of Grubb & Ellis, were the brokers in this transaction. David Simson, president of GVA Williams New Jersey, served as an advisor to Madison Capital.

Richard Wagman, managing director of Madison Capital, commented, "We acquired this asset in early 2004 with the intention of holding it as a long-term investment; however, the unsolicited offer was simply too compelling when combined with mitigating future risk. In less than 18 months the transaction yielded an IRR of in excess of 75% or 2.5 times the initial capital invested. Madison Capital continues to seek acquisition and investment opportunities in the office, residential and retail markets nationwide."

The four-story facility was substantially renovated by State Farm in 1997. All common areas were upgraded with high-end finishes and the building's technological infrastructure is state-of-the-art, with multiple fiber lines and a sophisticated energy management system. 15 Corporate Place South includes a unique atrium design with four stairwells situated between floors, thereby adding maximum flexibility for tenants.

Strategically located with easy access to Exits 6 and 7 of I-287, 15 Corporate Place South stands in a heavily landscaped setting, near such prestigious tenants as Verizon, Seimens and Nomura.

"We are pleased to have advised Madison Capital on this strategic disposition," said Simson. "This is an excellent example of the scope of our services platform, which includes advisory, as well as transactional services. This transaction also reflects the continued pent up demand for high caliber investment product throughout the region."